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en-usIn Sky deal, Murdochs shield Fox from sagging U.S. ad market
| ReutersBy Jessica Toonkel Twenty-First Century Fox Inc's (FOXA.O) plan to buy the remaining stake in Sky Plc (SKYB.L) further insulates the Murdoch family-owned media company from a U.S. television advertising market roiled by sagging ratings, experts said.In a highly-anticipated move, Rupert Murdoch's Twenty-First Century Fox struck a preliminary deal on Friday to buy the 61 percent of British pay-TV firm Sky Plc SKY.L it does not already own for around $14 billion.Owning Sky would give Fox, whose cable networks include Fox News and FX, subscription revenue from a pay-TV network spanning 22 million households in Europe, a market which has not been as affected as the United States by cord-cutters who drop cable subscriptions in favor of online subscription services.What Fox does with the technology and expertise that Sky can provide will be particularly important for the company, given it does not have its own U.S.-based direct-to consumer offering, said Tim Nollen, an analyst with Macquarie Research."Just like all of the U.S.<br />
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The post In Sky deal, Murdochs shield Fox from sagging U.S. ad market<br />
| Reuters appeared first on Firstpost.
Reported by Firstpost 17 minutes ago.
http://www.onenewspage.co.uk/n/India/759ytztjb/In-Sky-deal-Murdochs-shield-Fox-from-sagging.htm
IndiaSat, 10 Dec 2016 00:49:18 +0000http://www.onenewspage.co.uk/n/India/759ytztjb/In-Sky-deal-Murdochs-shield-Fox-from-sagging.htmSky to go to 21st Century Fox?Rupert Murdoch may get all of European broadcaster Sky after all. The British firm said a preliminary agreement had been reached for Sky to be taken over completely by entertainment giant 21st Century Fox.
Reported by Deutsche Welle 2 hours ago.
http://www.onenewspage.co.uk/n/Front+Page/759ytzrtl/Sky-to-go-to-21st-Century-Fox.htm
Front PageFri, 09 Dec 2016 22:42:32 +0000http://www.onenewspage.co.uk/n/Front+Page/759ytzrtl/Sky-to-go-to-21st-Century-Fox.htmSky shares rocket as Murdoch attempts homecoming with 21st Century FoxSky PLC (LON:SKY) shares rocketed by a third and scaled a 9-and-a-half-month high on Friday after 21st Century Fox (NASDAQ:FOXA) announced plans to take full control of the London-listed broadcaster. Just minutes before the closing bell in London, Sky confirmed it had reached agreement on an offer price of £10.75 per share in cash minus any dividends. The £10.75 a share cash offer represents a 40% premium to the closing share price on December 6 – the last business day prior to the initial approach being received – and a 36% premium on the closing price on December 8. If approved the deal will cost Fox around £11bn ($13.83bn). The offer comes five years after a previous bid. For months now there had been speculation that Rupert Murdoch was preparing to seize the remaining 61% of Sky which he didn’t control. Over the last year the company’s share price has fallen and the plunge in the value of sterling following the UK’s vote for Brexit made it vulnerable to an American bidder like Fox. Mr Murdoch’s son James was reinstalled as chairman in April and was quoted last year saying that Fox’s 39 per cent holding was not a natural state for the company. Fox had to abandon a bid to buy the company in 2011 after public and political pressure following the UK phone hacking scandal which led Murdoch’s News Corporation, since then spun off into News-A (NASDAQ:NWSA) in 2013, to close down its The Sun tabloid Sunday sister title News of the World in disgrace. Sky PLC is a British satellite broadcasting, on-demand internet streaming media, broadband and telephone services company with headquarters in London. It has operations in the United Kingdom, Ireland, Germany, Austria and Italy. Sky is Europe's biggest and leading media company and largest pay-TV broadcaster, with 21mln subscribers and 30,000 employees as of 2015. For Murdoch, a second successful attempt at taking control of Sky would be something of a homecoming. Sky PLC was formed in November 1990 by the equal merger of Sky Television and British Satellite Broadcasting, initially to form BSkyB and since 2014 Sky PLC. The BSkyB outfit was founded by Murdoch. In October 1994, BSkyB announced its plans to float the company on the UK and US stock exchanges, selling off 20% of the company. The stock flotation reduced Murdoch's holding to 40%. In June 2010, the then News Corporation made a bid for complete ownership of BskyB but this was withdrawn 13 months later as a result of the bad publicity the company received over phone hacking. It also led to the resignation of Murdoch’s successor and son James Murdoch, who was the chairman of both BSkyB and News International, from his executive positions in the UK. Sky’s present branding and advertising slogan is “Believe In Better”. But whether the takeover will get any easier ride with regulators and competition authorities this time around remains to be seen. 21st Century Fox shares closed down 1.5% at $28.21 on Friday after traded a further 0.4% lower after hours to $28.11.
Reported by Proactive Investors 4 hours ago.
http://www.onenewspage.co.uk/n/Business/759ytzq79/Sky-shares-rocket-as-Murdoch-attempts-homecoming-with.htm
BusinessFri, 09 Dec 2016 21:35:23 +0000http://www.onenewspage.co.uk/n/Business/759ytzq79/Sky-shares-rocket-as-Murdoch-attempts-homecoming-with.htmMurdoch's Twenty-First Century Fox Bids $14 Billion For British BroadcasterRupert Murdoch’s Twenty-First Century Fox Inc (FOXA.O) has proposed buying the 61 percent of British pay-TV firm Sky Plc SKY.L it does not already own for around $14 billion, five years after a political scandal scuppered a previous bid.<br />
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The plan is conditionally backed by Sky’s independent directors and would strengthen the position of James Murdoch - who is both chief executive of Fox and chairman of Sky - in his 85-year-old father’s media empire.<br />
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People familiar with the matter said the Murdochs had pounced after Britain’s vote to leave the European Union in June has sent the pound down about 14 percent against the U.S. dollar and Sky’s share price tumbling.<br />
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Owning Sky would give Fox, whose cable networks include Fox News and FX, control of a pay-TV network spanning 22 million households in Britain, Ireland, Austria, Germany and Italy.<br />
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Marrying distribution with content is becoming increasingly important in a competitive media industry. Earlier this year, AT&T announced an $85.4 billion deal to buy Time Warner (TWX.N).<br />
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Rupert Murdoch’s previous attempt to buy Sky provoked uproar from some British politicians, who said it would give the billionaire owner of The Sun and The Times newspapers too much control of the country’s media.<br />
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That bid collapsed in 2011 when Murdoch’s News Corp newspaper business was engulfed in a phone hacking scandal that intensified political opposition, led to a criminal trial, and to the closure of his News of the World tabloid.<br />
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Liberum analysts said Friday’s proposal was likely to have an easier ride, partly because News Corp has now separated from Fox, which means the bidding firm no longer owns UK newspapers.<br />
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They also said the British government was keen to promote investment in the wake of the country’s vote to leave the European Union and could present the deal as a sign of confidence in the economy.<br />
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*JAMES TIGHTENS GRIP*<br />
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Fox’s proposal of 10.75 pounds per share in cash is a 36.2 percent premium to Sky’s closing price on Thursday. It values the company at about 18.5 billion pounds ($23.2 billion) and the stake Fox does not already own at 11.25 billion pounds, according to Reuters calculations.<br />
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Sky’s shares closed up 26.7 percent at 10.35 pounds, while Fox’s were down 2.9 percent at $27.80 at 1800 GMT.<br />
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Before Friday’s surge, Sky’s shares had dropped 30 percent this year in part due to concerns of an UK economic slowdown caused by Brexit.<br />
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The deal has also been made more attractive for the Murdochs by a drop in the value of sterling, which makes it cheaper for foreign companies to buy UK assets.<br />
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Long tipped as his father’s successor, James Murdoch’s reappointment as chairman of Sky earlier this year reignited speculation of another bid approach by Fox.<br />
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James had previously led Sky as chief executive and then chairman, helping to build it into Europe’s biggest pay-TV company, before quitting during the phone hacking scandal.<br />
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Britain’s takeover watchdog has set Fox a deadline of Jan. 6 to make a firm bid or walk away.<br />
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(Reporting by Anya George Tharakan in Bengaluru; Additional reporting by Paul Sandle and Pamela Barbaglia; Editing by Richard Chang and Mark Potter)<br />
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Reported by Huffington Post 5 hours ago.
http://www.onenewspage.co.uk/n/World/759ytzopx/Murdoch-Twenty-First-Century-Fox-Bids-14.htm
WorldFri, 09 Dec 2016 19:47:12 +0000http://www.onenewspage.co.uk/n/World/759ytzopx/Murdoch-Twenty-First-Century-Fox-Bids-14.htmNewsonomics: Seizing the Brexit-Trump moment, the Murdochs bid for SkyNo surprise, in this age of rampant private gain over public interest, that Rupert Murdoch has re-emerged. Like a boxer who can be knocked about the ring and to the mat but never knocked out, Murdoch, CEO of 21st Century Fox, now makes a new bid for a company he has long sought to control:...
Reported by NiemanLab 6 hours ago.
http://www.onenewspage.co.uk/n/Business/759ytzok7/Newsonomics-Seizing-the-Brexit-Trump-moment-the-Murdochs.htm
BusinessFri, 09 Dec 2016 19:33:17 +0000http://www.onenewspage.co.uk/n/Business/759ytzok7/Newsonomics-Seizing-the-Brexit-Trump-moment-the-Murdochs.htmRupert Murdoch's 21st Century Fox to buy all of Europe's SkyRupert Murdoch may get all of European broadcaster Sky after all.Sky said Friday that Murdoch's entertainment conglomerate 21st Century Fox has a preliminary deal to buy the rest of it for 10.75 pounds ($13.60) per share. Fox already...
Reported by New Zealand Herald 7 hours ago.
http://www.onenewspage.co.uk/n/World/759ytzlqc/Rupert-Murdoch-21st-Century-Fox-to-buy.htm
WorldFri, 09 Dec 2016 17:47:15 +0000http://www.onenewspage.co.uk/n/World/759ytzlqc/Rupert-Murdoch-21st-Century-Fox-to-buy.htmTwenty-First Century Fox approaches Britain's Sky for takeover(Reuters) - European pay-TV group Sky Plc said on Friday it had received a takeover approach from Rupert Murdoch's Twenty-First Century Fox Inc , the company's largest shareholder.
Reported by Reuters 7 hours ago.
http://www.onenewspage.co.uk/n/Front+Page/759ytzlhi/Twenty-First-Century-Fox-approaches-Britain-Sky.htm
Front PageFri, 09 Dec 2016 17:41:25 +0000http://www.onenewspage.co.uk/n/Front+Page/759ytzlhi/Twenty-First-Century-Fox-approaches-Britain-Sky.htmRupert Murdoch’s 21st Century Fox to buy all of Europe’s SkyRupert Murdoch may get all of European broadcaster Sky after all. Sky said Friday that Murdoch’s entertainment conglomerate 21st Century Fox has a preliminary deal to buy the rest of it for 10.75 pounds ($13.60) per share. Fox already owns just over 39 percent of Sky. That values the entire broadcaster at 18.5 billion pounds. […]
Reported by Seattle Times 8 hours ago.
http://www.onenewspage.co.uk/n/Front+Page/759ytzkm4/Rupert-Murdoch-21st-Century-Fox-to-buy.htm
Front PageFri, 09 Dec 2016 17:14:56 +0000http://www.onenewspage.co.uk/n/Front+Page/759ytzkm4/Rupert-Murdoch-21st-Century-Fox-to-buy.htmMurdoch's 21st Century Fox buys Sky for $23 billionRupert Murdoch is making another bid for the one that got away.
Reported by CNNMoney 8 hours ago.
http://www.onenewspage.co.uk/n/Business/759ytzkq9/Murdoch-21st-Century-Fox-buys-Sky-for.htm
BusinessFri, 09 Dec 2016 17:08:01 +0000http://www.onenewspage.co.uk/n/Business/759ytzkq9/Murdoch-21st-Century-Fox-buys-Sky-for.htmMurdoch's Twenty-First Century Fox Bids $14.1 Billion for UK's SkyRupert Murdoch's Twenty-First Century Fox Inc. has made a $14.1 billion bid for the remaining shares of European pay-TV group Sky Plc that the U.S. company does not already own, the British broadcaster said on Friday.
Reported by Newsmax 2 hours ago.
http://www.onenewspage.co.uk/n/Money/759ytzqwh/Murdoch-Twenty-First-Century-Fox-Bids-14.htm
MoneyFri, 09 Dec 2016 22:55:50 +0000http://www.onenewspage.co.uk/n/Money/759ytzqwh/Murdoch-Twenty-First-Century-Fox-Bids-14.htmUPDATE 1-Twenty-First Century Fox approaches Britain's Sky for takeoverDec 9 (Reuters) - European pay-TV group Sky Plc said on Friday it had received a takeover approach from Rupert Murdoch's Twenty-First Century Fox Inc, the company's largest shareholder.
Reported by Reuters 8 hours ago.
http://www.onenewspage.co.uk/n/Business/759ytzlbd/UPDATE-Twenty-First-Century-Fox-approaches-Britain.htm
BusinessFri, 09 Dec 2016 17:37:15 +0000http://www.onenewspage.co.uk/n/Business/759ytzlbd/UPDATE-Twenty-First-Century-Fox-approaches-Britain.htmTwenty-First Century Fox approaches Britain's Sky for take over(Reuters) - European pay-TV group Sky Plc said on Friday it had been approached by Rupert Murdoch's Twenty-First Century Fox Inc to buy the company.
Reported by Reuters 8 hours ago.
http://www.onenewspage.co.uk/n/Business/759ytzk5h/Twenty-First-Century-Fox-approaches-Britain-Sky.htm
BusinessFri, 09 Dec 2016 17:01:58 +0000http://www.onenewspage.co.uk/n/Business/759ytzk5h/Twenty-First-Century-Fox-approaches-Britain-Sky.htmSky rockets on agreed 21st Century Fox bidPay-TV broadcaster Sky PLC (LON:SKY) has received a takeover approach from Rupert Murdoch’s US media business 21st Century Fox. The agreed deal comes just five years after the phone-hacking scandal killed a previous takeover attempt. After a strong rise in the share price today, the broadcaster confirmed it had reached agreement on an offer price of £10.75 per share in cash minus any dividends. 21st Century already owns 39% of Sky and its offer values the sports and film content specialist at about £18bn in total. Sky has formed an independent committee to consider the offer but said the independent directors would recommend the proposal subject to reaching agreement on the other terms. The price is a 40% premium to price on 6 December, when 21st Century made its approach. Sky shares rose 27% to 1,004p. more to follow
Reported by Proactive Investors 8 hours ago.
http://www.onenewspage.co.uk/n/Business/759ytzkbx/Sky-rockets-on-agreed-21st-Century-Fox-bid.htm
BusinessFri, 09 Dec 2016 16:56:18 +0000http://www.onenewspage.co.uk/n/Business/759ytzkbx/Sky-rockets-on-agreed-21st-Century-Fox-bid.htmSky shares rocket 32% as Rupert Murdoch&apos;s 21st Century Fox tables takeover bidDeal would give Murdoch's Fox, full control of Sky
Reported by Independent 8 hours ago.
http://www.onenewspage.co.uk/n/Business/759ytzjl2/Sky-shares-rocket-32-as-Rupert-Murdoch-apos.htm
BusinessFri, 09 Dec 2016 16:45:21 +0000http://www.onenewspage.co.uk/n/Business/759ytzjl2/Sky-shares-rocket-32-as-Rupert-Murdoch-apos.htm